Easily Shortlist and Compare Asset Management Software That Meets Your Facilities & Equipment Management Requirements


Over 16733 Businesses Have Used Comparesoft to Compare Asset Management Software

BAE Systems
PwC
Barclays
Hilton
Just Eat
Invesco
Transport for London
Siemens
Oxford University

Why Compare Asset Management Software with Comparesoft?

Customised Shortlist of Asset Management Software
Customised Shortlist of Asset Management Software

Customised shortlist of Asset Management Software that meets your requirements.

Industry Case Studies
Industry Case Studies

We'll find relevant AMS system case studies matching your industry.

Asset Management Product Images and Demo
Asset Management Product Images and Demo

Receive video demonstrations of asset management tools that are tailored to your needs.

Implementation Timescales
Implementation Timescales

Compare different Asset Management Software based on implementation timescales.

Asset Management Software Product Brochures
Asset Management Software Product Brochures

Get comprehensive & useful information about the asset management systems that match your requirements.

Latest Software Prices
Latest Software Prices

Indicative price points so that you can select the Asset Management Software aligned with your budget.

Shortlist Asset Management Software For Free

A Complete Guide to Asset Management Software & Best Practices for Managing Assets

Buyer's guide

Asset Management Software is a digital tool used to track and manage business assets. It allows companies to manage multiple assets in one place. Including software, hardware, equipment, and tools. Asset Management Software lets businesses perform life cycle management. Collecting data from asset purchasing to disposal. Helping to create mobile asset registers and plan preventive maintenance. As well as improve inventory management. An asset management tool also simplifies depreciation calculations. Allowing asset managers to track each asset’s ROI.

What Is Asset Management Software?

Asset Management Software is a computerised system used by organisations to improve the management and tracking of assets. It allows asset managers to build a detailed asset register. Helping to store all asset data in one place. Reducing the need for error-prone spreadsheets.

Asset Management Software can be coupled with various asset tagging tools. Including Barcodes, RFID tags, and GPS trackers. Also known as asset tags. As well as IoT-enabled monitors for machinery and equipment. Helping to improve location tracking and real-time data analysis.

An asset management system lets businesses store data on multiple types of assets. Especially those that are essential to day-to-day operations and generating revenue. An effective solution provides various benefits, including:

  • Increasing asset visibility with real-time tracking
  • Creating accurate asset registers
  • Optimising the useful life of mission-critical assets
  • Reducing costs associated with purchasing and maintenance
  • Ensuring health, safety, and compliance

Common Asset Management Software Features & Capabilities to Maximise Life Cycle Management

Asset Management Software includes multiple features that help improve asset life cycle management. Including the ability to track physical assets, IT equipment, and fleet vehicles. Allowing asset managers to track the stages of an asset’s useful life. Including planning, procurement, maintenance, operation, and disposal. Data is then stored, monitored, and accessed via an asset register. The typical features of an asset management system allow users to:

Track and Manage Assets in Real-Time

The ability to track physical assets is made possible by affixing tags and labels. They include barcodes, RFID tags, QR codes, NFC tags, and GPS trackers. Each asset tag has its own benefits and suits different tracking environments. An asset tag enables businesses to keep track of their assets. Knowing where they are located and who is using them. Whether that be warehouse stock or IT hardware in offices. As well as seeing an asset’s purchase history and maintenance schedules.

Plan and Schedule Preventive Maintenance

To keep assets in optimal working condition, businesses need to effectively plan maintenance strategies. By monitoring the asset life cycle, maintenance managers can gather data on various factors. Such as useful life, condition, repairs, breakdowns, and an asset’s life span. This data then helps to build a preventive maintenance schedule. Enabling companies to plan for the maintenance of mission-critical assets. This reduces the risk of unplanned downtime and improves the condition of assets. As well as reducing costs associated with downtime and maintenance.

Build a Detailed Asset Register

Asset Management Software provides the tools to build an accurate asset register. An asset register consists of various data that helps to make better-informed decisions. Particularly when it comes to purchasing, maintenance, and operation. Asset registers include real-time locations, purchase information, and maintenance plans. As well as depreciation values. They’re available to users on desktops as well as mobiles, via a cloud-based app. Allowing them to be accessed at any time, whether in the office or in the field. As opposed to using spreadsheets, which can be error-prone and time-consuming.

Access Data From a Mobile Device

Mobile access allows users to access data from anywhere at any time. Whether that be field operators, asset managers, or maintenance engineers. Accessing an asset management system on mobile is possible through the use of a mobile app. It allows users to view, update, and add to an asset register when off-site. Devices with built-in scanners for QR codes and Barcodes can also update data on the go.

Track and Monitor Asset Life Cycle Management

Asset Management Software is key for tracking and monitoring the stages of an asset’s life cycle. By having this data, businesses can make better decisions when it comes to purchasing. As well a determining the right maintenance plans and calculating ROI. Letting asset managers know when an asset reaches its optimal peak performance. It also helps to increase asset reliability for equipment that is crucial for day to day operations.

Improve Inventory Management

Although asset management tracks equipment a business uses, it also monitors inventory levels. Asset Management Software can be set up to track inventory that moves in and out warehouses. Whether that be part of a supply chain or stock in a warehouse. Thanks to IoT-enabled tools and tracking technology such as Barcodes. All inventory data is stored on a shared system. Providing greater visibility to all users. Compiling an inventory of assets also allows companies to identify and remove ghost assets.

The Benefits of Using Asset Management Software in Asset-Heavy Businesses

Asset Management is the action of planning and governing a business’s entire asset inventory. Including acquiring, operating, maintaining, and disposing of. The management of assets, both tangible and intangible, consists of several factors. All helping to monitor and track a business’s most important and financially reliant assets. Whether buildings, machinery, vehicles, or IT equipment.

Asset Management Software allows businesses to automate their asset management protocols. This results in several cost-saving benefits. Such as increased productivity and operations. As well as making better-informed decisions when it comes to purchasing. Other benefits that highlight the importance of asset management included:

Calculate Asset Depreciation Value

Asset Management Software makes it easier for businesses to understand the value of their assets. Asset valuation starts with the planning and purchasing stage. It then moves on to the worth of an asset during its useful life. Until an asset has a final value at the end of its useful life. Calculating an asset’s purchase price against its used worth gives its depreciation value. Knowing an asset’s depreciation value allows asset managers to make better financial decisions. As well as improve the accuracy of a company’s account keeping.

Determine Total Cost of Ownership (TCO)

Depreciation value has a direct link to understanding an asset’s total cost of ownership. TCO is a method used to determine which assets are most valuable to a business. It is calculated by adding together purchase price, operating costs, and maintenance costs. Asset managers can know if owning an asset outweighs the total running costs. Making it easier to decide when, or if, an ageing asset should be replaced or disposed of.

Reduce Unplanned Downtime

A key part of Asset management Software is being able to automate data collection. Including essential maintenance data. This allows businesses to know total usage, expected useful life, and maintenance costs. Enabling asset managers to take a proactive approach to repairs and maintenance. As opposed to running an asset to the point of failure, costing up to 10 times more in repairs costs. Without a preventive maintenance plan, companies risk unplanned downtime. Causing outages of vital equipment that can harm revenue. Unplanned downtime can cost businesses $260,000 per hour on average.

Types of Asset Management Software Tools

Every company has different assets that are essential for generating revenue. Whether that be software, physical assets, machinery, vehicles, or equipment. Because of the variety of assets, there are different types of Asset Management Software. Each solution provides unique benefits to the assets it is intended for.

Fixed Asset Management Software

Fixed assets are typically larger assets used in a business’s daily operations. They’re in physical asset form and listed on a balance sheet under Property, Plant, and Equipment (PP&E). Intangible assets such as copyrights and patents also fall into this category. They include:

  • Infrastructure
  • Buildings and property
  • Land
  • Machinery and equipment
  • Office equipment
  • Vehicles
  • Furniture and fixtures

These require extensive monitoring and tracking. This is because they’re the most expensive assets a business will invest in. Meaning asset managers must ensure a good return on investment. As well as making sure they’re always operational when needed the most.

IT Asset Management Software

An IT asset management system monitors software, IT hardware, digital, and cloud assets. It allows businesses to generate IT asset registers and build CMDBs. As well as improve network infrastructure visibility with capabilities such as service desk. ITAM software tracks assets such as:

  • On-premise software tools
  • Cloud-based software apps
  • Computers
  • Desktops
  • Monitors
  • Smartphones/Mobiles/Tablets
  • Routers and servers

Digital Asset Management (DAM)

Digital Asset Management (DAM) is the process of storing and organising rich-media files. Enabling users to easily locate and distribute their digital assets. Digital assets consist of images, audio files, and video content. Mostly used in advertising, sales, and e-commerce. Typical features required for managing digital assets include:

  • Tags and categorisation
  • Role and permissions
  • Quick image and document search
  • Life cycle management
  • Sharing between teams
  • Brand preservation

Digital Asset Management enables all digital assets to be stored in one central location. Also referred to as a digital library. This 'single source of truth' provides quicker distribution. As well as allowing access to more teams and departments. Without DAM Software in place, efficiency and productivity can suffer. 51% of marketers waste money and time by recreating and distributing missing digital assets.

Software Asset Management (SAM)

Software asset management tools manage the purchasing and usage of software. Unlike ITAM, Software Management Systems exclusively only manage software assets. As opposed to tracking IT hardware such as computers and servers. It enables businesses to:

  • Track and monitor software licences in one single-architecture program
  • Perform SaaS and software license management
  • Gain insights into unexpected costs and expenditures
  • Stay compliant and avoid unexpected software compliance fees
  • Understand the life cycle of software content

Enterprise Asset Management (EAM)

An EAM tool aims to control and measure asset performance. Essentially allowing businesses to maximise an asset’s usable life. EAM enables businesses to focus on asset management, maintenance, and performance. Although similar to CMMS software, an EAM system provides functions such as:

  • Work order management
  • Maintenance planning and scheduling
  • Asset analytics and reporting
  • Purchasing and procurement management

Who Uses and Needs Asset Management Software?

Asset Management Software provides several tools for tracking and monitoring business assets. This allows it to be used in multiple industries and operations.

Property, Facilities, and Building Management

5 to 20% of overall asset costs are contributed by properties, facilities, or buildings. So, having the ability to perform effective property asset management can help. Businesses can record purchase prices, appreciation value, and depreciation costs.

Apart from the financial requirement, properties and facilities require planned maintenance. As well as cleaning, security management, visitor tracking and energy management. An asset management system helps to schedule, record, and report on these activities. A modern property management tool can provide a framework to:

  • Develop and maintain an asset register
  • Calculate appreciation and depreciation
  • Schedule, track, and monitor maintenance activities
  • Record cleaning activities
  • Manage workplace layout
  • Track visitors and occupants for safety and security

Software and Hardware IT Asset Management

Businesses can collect a lot of valuable data from their IT assets. Including real-time location, work order status, users, usage, and license renewals. An IT service desk system allows businesses to maintain an asset register of their digital assets.

Along with hardware, a key asset included in most asset registers is software. Software asset management helps to reduce the cost of software ownership. As well as optimise the number of software assets required and maintain compliance with vendors. An IT management solution can:

  • Provide an on-demand view of IT assets
  • Manage entitlements and endpoints
  • Know the usage data of cloud and on-premise IT assets
  • Ring-fence IT network infrastructure to be cyber safe
  • Monitor compliance with software vendor contracts

Equipment and Machinery Management

Unplanned downtime of equipment and machinery can cost 3 to 18% of total revenue. So, businesses prefer to maximise the uptime of their machinery with asset management. It provides a framework that helps schedule planned, preventative, and reactive maintenance. This includes organising internal and external engineers and issuing work orders. As well as purchasing spare parts and planning for asset disposals.

A technology used in most asset management solutions is the Internet of Things (IoT). This allows equipment and machinery to talk to each other. Transmitting operating conditions such as temperature, pressure, and service status. IoT devices can capture this data and provide insightful reports. Helping to increase the uptime of machinery. An asset maintenance management system helps to:

  • Schedule planned and preventative maintenance activities
  • Assign jobs to internal and external maintenance engineers
  • Order replacement parts
  • Optimise maintenance costs
  • Manage reactive maintenance activities
  • Improve age and uptime of equipment

Stock and Inventory Management

Asset Management Software is often used to track stock and inventory. As well as physical assets such as buildings, properties, and facilities. As the UK Accounting Practice requires companies to declare their assets, this feature is essential. Allowing businesses to record all assets in one place, known as an asset register.

The technology used in tracking stock and inventory includes RFID tags, Barcodes, and GPS. Quite often, a hand-held scanner is used as well. Typically, inventory is connected with users, location, and projects. In some cases, it can be leased as well. Using asset management tools for inventory management helps to:

  • Reduce and eliminate ghost assets
  • Track leased and owned inventory
  • Use RFID, Barcodes, and handheld scanners to tag, track, and monitor assets

Fleet Management

Asset management tools help to track the location of a business’s fleet assets. The technology often used in tracking fleet assets is Global Positioning System (GPS). As well as tools such as Fleet Software. Asset Management Software enables fleet managers to gather various amounts of data. Including driver behaviour details, fleet maintenance plans, and fuel costs. Allowing fleet businesses to:

  • Track vehicles and drivers in real-time
  • Analyse and improve driver behaviour
  • Reduced vehicle downtime through preventative maintenance
  • Minimise maintenance, servicing, and MOT costs
  • Reduced vehicle running costs such as fuel
  • Improve the safety of vehicles and drivers

Tracking and Monitoring Asset Life Cycle Management

Asset life cycle management is a strategic and analytical approach to asset management. It lets businesses know when as asset is running at optimal performance. As well as increasing asset reliability through maintenance. The typical process of an asset’s life cycle can be broken down into four stages. From planning and procurement. Through to operation, maintenance and disposal.

tracking and monitoring asset life cycle management

Asset Management Software helps to optimise the use of assets throughout this life cycle. As well as gauging when an asset reaches its optimal peak performance. Whilst analysing how long of a useful life it has left. Before eventually planning for maintenance work or to replace it. This approach ensures businesses are keeping their assets operational for as long as possible. Life cycle management also considers other factors such as:

  • Asset depreciation value
  • Identifying asset roles
  • Ensuring health and safety
  • Preventive maintenance plans

How Does Asset Management Software Help in Audits?

Asset auditing is the process taken to verify a business’s ownership of its physical assets. An audit cross-checks a company’s list of assets and determines if they exist or not. This can also be known as an inventory stock-take or a wall-to-wall audit.

Physical assets can be hard to track down when performing asset management manually. Especially as assets can be moved between sites or even replaced. But, with software, businesses can identify exactly where their assets are located. This can be helped with the use of asset tags such as Barcodes and GPS trackers.

There are two types of asset audits; internal and external. Each asset audit can benefit from the features provided by Asset Management Software. Especially when it comes to creating and storing data in an asset register. Data includes location, purchase price, user history, and maintenance history. With access to a digitalised asset register, an asset audit can help to:

  • Calculate asset depreciation
  • Identify and eliminate ghost assets
  • Reduce insurance costs
  • Ensure compliance with licences
  • Determine an asset’s lifecycle stage

Top 10 Best Asset Management Software Products

fmis asset management software

FMIS Asset Management System

FMIS provides a fully integrated fixed, finance-aware asset management and tracking platform. It allows tracking of assets across multiple sites. Product features include asset tracking, a configurable asset register and auditing capabilities. As well as barcode tagging and equipment loan management. The FMIS asset management system has been successfully deployed across various industries. Including oil and gas, non-profits, education, healthcare, manufacturing, government, and retail.

Assettrack Asset Management Solutions Product

Assettrack Asset Management Solutions

Assettrac delivers a highly configurable asset management system. It supports the complex workflows of tracking revenue-generating assets. This scalable and flexible solution is packed full of features. Including asset tracking, asset register management, facilities and maintenance management, and stock control. Assettrac solutions are well versed across multiple industries. Including commercial and retail, manufacturing and industrial, healthcare, IT, and education.

Itemit Product

Itemit

Itemit provides an asset management solution for customers wanting to track up to 2000 assets. Deployed through iOS and Android mobile apps, Itemit is an asset management solution for on-the-go users. It provides the features for tracking assets, inventory control, RFID asset tagging, and accessing data offline. It is used primarily in industries such as construction for improving project management. As well as charities, offices, and food and beverage.

Vision Software by ACMS UK Product

Vision Software by ACMS UK

Vision Software is an asset management and tracking tool by ACMS UK. It excels at managing audits and risk compliance across multiple sites and facilities. Stand out features include a comprehensive asset register and auditing risks such as fire and asbestos. As well as asset tracking, NFC vision tagging, and compliance management.

Nanolink Asset Management and Tracking Solutions Product

Nanolink Asset Management and Tracking Solutions

Nanolink delivers a cloud-based asset management tool that focuses on utilising Bluetooth. Helping to provide real-time asset tracking data. With other 500 customers, the Nanolink asset management solution offers many key capabilities. Including asset tracking, maintenance management, reporting and analytics, and third-party integrations.

Assetspire Product

Assetspire

Assetspire offers a highly configurable, cloud-based platform. Ideal for small and large businesses looking to manage and track their assets. Through tracking technology such as NFC Barcode, it has been adopted by various asset-heavy industries. Including real estate, healthcare, hospitality, and education.

Freshworks Product

Freshworks

Freshworks delivers an easy to use asset management tool. Centred around managing and tracking IT equipment. This service management tool is simple to configure and well suited to ITIL-aligned businesses. Key features include asset discovery, life cycle management, and contract management. Freshworks’ asset management system has been adopted in multiple industries. Including IT and software, e-commerce, education, public sectors, and automotive.

Real Asset Management product

Real Asset Management

Real Asset Management provides a tool that focuses on tracking assets. As well as delivering key accounting and maintenance management capabilities. Features include logging GPS coordinates, reserving assets, and quick auditing. Its focus on accounting and maintenance requirements has allowed it to become widely adopted. Including industries such as government, education, and healthcare.

Bulbthings Smart Asset Manager Software Product

Bulbthings Smart Asset Manager Software

BulbThings is an asset management solution that allows users to track assets. As well as use powerful tools to generate insights about their assets. The app features lifecycle management and TCO management. Giving users a one-stop-shop solution for all their data and asset management needs. Its appeal to both small businesses and large enterprises has delivered solutions to various industries. Including construction, hospitality, healthcare, transport, education, pharmaceutical, and manufacturing.

Traclogik Asset Management and Tracking Solutions Product

Traclogik Asset Management and Tracking Solutions

Traclogic provides an experienced real-time asset management solution. This is achieved by utilising asset tracking technologies. Its comprehensive tools have propelled the Traclogik system into an industry-leading position. Especially when it comes to asset tracking and protection solutions. Providing visibility of assets has lead to Traclogik being adopted in multiple industries. Including healthcare, manufacturing, aviation, transport, logistics, construction, and security.

User Guides for Asset Management Software & Asset Managers

7 Unique Ways of Using Asset Management Tools to Enhance Your Business

19th Sep 2019

Tracking and managing your business assets throughout the workplace can help to improve efficiency and increase overall productivity. From eliminating spreadsheets, managing vehicles fleets, and using high-end tracking hardware, get to know the 7 key benefits of an effective asset management software solution.

What Are Ghost Assets & How to Eliminate Them With AMS

28th Aug 2021

An asset management system provides the right tools to help identify and eliminate ghost assets from your business’s asset register. By monitoring asset life cycles and tracking inventory in real-time, you’ll be able to remove these pesky ghost assets and start improving the accuracy of your data collection.

10 Key Asset Management Software Features for Small Businesses

19th Dec 2019

Beneficial to businesses of all sizes, asset management software is packed full of helpful features to help increase and improve efficiency and productivity. Here are the 10 best features that you’ll need for your small business from an effective asset management system.

The Importance of Deploying Asset Management Tools in the Automotive Industry

12th Aug 2021

From eliminating reactive maintenance techniques and ditching error-prone asset tracking spreadsheets to maximising production and reducing costs: See how Asset Management tools help businesses to stay competitive in a market such as the automotive industry.

A Complete Guide to Property Asset Management and Its Many Benefits

6th Dec 2019

Asset management software is implemented into a vast majority of industries and organisations, one of which is the property business. From efficient help desk and service desk management to maintaining an entire portfolio of facilities, delve into our complete guide to property asset management and discover its many benefits.

The Four Key Stages of Asset Life Cycle Management

17th Nov 2021

Tracking and analysing the life cycle of each asset is a great way to build maintenance schedules and plan for future purchases. In fact, the life cycle process can be broken down into four simple stages. Discover the crucial life cycle stages, understand why tracking an asset’s life cycle is essential, and learn how to do it with an asset management system.

Cloud-Based or On-Premise Asset Management Software

30th Oct 2018

With over 90% of Comparesoft users preferring cloud-based asset management tools, you may think that this is also the best option for you. But have you considered an on-premise asset management system? Get to know the features and benefits of each solution in this handy guide.

How Local Councils Can Benefit from Effective Asset Management

28th Nov 2019

Owning over £420bn worth of public property assets with a total running cost of £23bn per year means one thing; asset management systems are crucial for local councils. In this guide, we highlight the many features and tools that councils need in order to operate at the most efficient level.

The Benefits of Implementing Asset Management Solutions in Schools

1st Apr 2020

From ensuring the availability and usability of schools assets to tracking budget spending across all school departments. Understand the importance of implementing asset management software and tools into your primary or secondary school with our in-depth buyer’s guide.

Why Chemical Engineering Plants Need Asset Management to Maximise Production

16th Jun 2020

Discover how deploying asset management software within the chemical industry can enhance asset reliability, maximise the utilisation of assets, and help you save on maintenance costs.

Maximising Equipment & Infrastructure Performance with Utilities Asset Management

6th Jul 2020

By deploying the best asset management system with the right tools, you're able to improve the management and maintenance of your production-critical utility assets to increase asset reliability. As well as reduce costly outages and maximise your utilities output.

How Asset Management in Manufacturing is Creating the Smart Factories of Tomorrow

20th Nov 2019

Discover the benefits of an asset management system that has been specifically designed for use in the manufacturing industry. Also, learn why successful asset management in manufacturing is key to producing the smart manufacturing factories of tomorrow.

What Is an Asset Register and Why Is Accuracy Important

11th Nov 2021

There is a famous saying in the asset management software world: “if you count all your assets you always show a profit”. Yet a staggering 81% of small and medium businesses do not have an accurate view of their assets.

The Benefits of Managing Assets in a Micro Business

21st Oct 2019

It's important to understand that, as well as benefiting small and large companies, YOUR micro business can also benefit from effective asset management.

The Benefits of Asset Management Healthcare

17th Oct 2019

Discover how an effective asset management healthcare tool reduces wasted nursing hours searching for equipment and improves patient care.

Why IT Asset and Service Management Are Vital to Building the Digital Culture of Your Organisation

4th Sep 2017

Insightful view backed by commercial examples on why ITAM and ITSM are vital for building the digital culture of your organisation.

How SaaS Has Changed How IT Executives Get Things Done

22nd Sep 2016

A contemporary view of how SaaS and BOYD have influenced ITSM and ITAM functions of modern IT Team.

Stop Using Spreadsheets and Start Embracing Asset Management Systems

3rd Nov 2015

It’s no secret how handy using spreadsheets can be. After all, they’re free, easy-to-use, and allow data to be stored in one place. But they’re also a danger to any business that wishes to scale.

The 5 Asset Reports You Need from an Asset Management Tool

10th Jan 2020

No matter what asset management tool you choose, generating the right asset reports is vital. From maintenance schedules to inventory management; here're 5 essential reasons why.

How Best to Elevate Your Fixed Asset Management & Accounting

12th Feb 2021

Assets are the most crucial & expensive assets on a business's balance sheet, highlighting the importance of asset management.

Improve Workflow by Digitising Your Asset Inspection & Survey Processes

19th Feb 2021

Why ditching manual asset inspection and survey methods in favour of digitised tools is essential for improving efficiency & productivity.

Why Asset Management is Essential for Construction Sites, and How to Use It

17th Feb 2020

Allow project owners and site managers to maximise the usability of construction assets across multiple sites and buildings with asset management software. Helping to improve project management and asset reliability.

How Asset Management Can Enhance Business Operations

16th Sep 2019

Why reducing costs and implementing effective systems, such as an Asset Management system, can be highly beneficial for business growth.

The Benefits of Small Business Asset Management

16th Oct 2021

Asset management tools aren’t only built for Blue Chip organisations with thousands of employees; they can also be utilised by small business owners. From managing digital assets and physical equipment to tracking company vehicles, we’ve highlighted 6 benefits that a small business can achieve with the right asset management tools.

Tracking Stock & Gaining Visibility: Why Inventory Management Is Essential for Asset-Heavy Businesses

21st Nov 2021

Tracking stock and gaining visibility with asset management tools are the keys to improving inventory management for asset-heavy businesses.

Creating Asset Maintenance Strategies to Track Conditions and Eliminate Downtime

23rd Nov 2021

When it comes to keeping assets in optimal working condition & reducing downtime, having an asset maintenance strategy in place is critical.

Using Mobile Devices and Cloud-Based Apps to Take Asset Management Offline

25th Nov 2021

From accessing real-time data to tracking assets in the field, discover why and how asset management tools are taking advantage of mobile.

Faq’s

FAQs About Using Asset Management Software

Q A

What Is the Best Asset Management Software?

The Asset Management Software marketplace is vast and filled with various solutions. So finding the right system can be time-consuming. The term ‘best Asset Management Software’ is also subjective. What is the best system for one company, might not be the best solution for another.

When searching for an asset management system, there are a number of factors to consider. For instance, determining what the best AMS software is for you can depend on:

  • The number of workplace assets

  • The budget an asset manager has

  • The tasks needed to perform (asset tracking, maintenance management, automating inventory control, etc.)

  • The amount of data that needs collecting

  • The industry you’re operating in

  • The type of software (mobile, cloud-based, web-based, on-premise, etc.)

Q A

How Much Does Asset Management Software Cost?

The cost of Asset Management Software can vary depending on multiple factors. Including features, software type, and business size. As well as how many assets a business has. Prices vary from free models to enterprise products, which can cost more than £5000 a month.

Businesses also need to consider the costs associated with the deployment of Asset Management Software. Including:

  • Monthly fees

  • Start-up/Set-up costs

  • Installation costs

  • Staff training

  • Hardware purchases

The cost of Asset Management Software also depends on the vendor and their product. For example, some vendors will offer a variety of pricing options depending on business size and budget. Such as Asset Panda, Invgate assets, and Manageengine Assetexplorer. Whereas other vendors model their prices for more enterprise operations. Like Infor EAM and Asset Infinity.

Q A

What's the Difference Between Fixed Asset Management and Asset Management?

Fixed asset management is the process of tracking non-current tangible assets. Enabling businesses to maximise the usability of each one. It focuses on the management of physical assets that are primarily used to help generate revenue. Such as property, plant, and machinery. As opposed to current assets, such as cash and short-term investments.

Fixed assets are long-term assets, referred to as capital assets. They have a life span of one accounting year or more. Appearing on a balance sheet as Property, Plant, and Equipment (PP&E). Two examples of PP&E are IT equipment and an office building. This is because of their physical form. Noting that they will be used to generate revenue in the next few years of operations. They can also be referred to as non-liquid assets. Meaning they can't easily be converted to cash. Whereas current assets, such as inventory, can be converted to cash or used within the year.

Fixed management tools let businesses track and record their assets. With the intention of improving life cycle management. This means, when an asset reaches the end of its usable life, there is enough data to generate an estimated salvage value based on if it was broken down and sold in parts. Or, in some cases, the data will highlight the asset is no longer valuable. Recommending that it should be disposed of without receiving payment.

Finance managers and accountants typically take an interest in knowing how assets are managed. To ensure correct management as per accounting standards. For instance, there are specific depreciation protocols to be followed with fixed assets. Especially when compared to leased assets, which are treated differently to owned assets. Because of this, the IFRS has defined specific standards to manage different types of assets. For example, IAS 16 relates to the management of property, plant and equipment.

Q A

Who Uses Asset Management Software?

Asset Management Software provides multiple features for various tasks. Meaning a system can be used by a number of different stakeholders. For instance, an AMS solution will be used by:

  • Asset managers

  • Inventory and stock managers

  • Facility managers/Landlords

  • Technicians/Engineers

  • CFOs

  • Maintenance teams

  • Accountants/Financial teams

Asset Management Software is also used across a wide range of asset-heavy industries. Including small and medium businesses (SMBs)as well as large enterprises. Typical industries that benefit from digitalised asset management include:

Q A

What's the Difference Between Asset Management and Asset Tracking?

Both asset management and asset tracking can be lumped in the same category. For instance, asset tracking tools are often included in most Asset Management Software. The two systems go hand-in-hand when it comes to recording data. But, when compared, there are various differences between the two.

Asset Tracking Software can be purchased as a stand-alone solution. It is utilised for inventory, equipment, and fleet management. Focusing on real-time tracking and recording of assets. This enables businesses to collect data to build an accurate asset register.

Asset tags enable users to view an asset's current state in real-time. Including location and users. This is possible with the use of Barcodes, RFID tags, and GPS trackers. Real-time data is useful for locating lost or stolen assets. As well as reducing ghost assets and cutting purchasing costs.

Asset Management Software, on the other hand, offers a more complete package. It provides features to manage assets in a way that maximises usability and ROI. A key function of Asset Management Software is ensuring life cycle management. This helps forecast the acquisition of future assets. As well as allowing asset managers to assess and conduct the disposal of ageing assets.

AMS tools also allow businesses to manage planning and budgeting. As well as maintenance management and service management.

Q A

What Problems Can Asset Management Software Solve?

By tracking and recording assets, Asset Management Software improves inventory and lifecycle management. With an AMS system in place, businesses can collect critical data. Such as real-time location, total and current usage, user permission, and maintenance schedules.

Without asset management, businesses can encounter a number of problems. Including a lack of real-time data and being unaware of an asset’s total cost of ownership. As well as a lack of sharable data between teams and constant spending on lost or stolen assets.

But, with Asset Management Software, businesses can reduce these issues and work towards solving them.

Lack of Control Over Business Assets

Asset management lets businesses consistently track and record the lifecycle process of an asset. With this, they can understand the process that an asset will take from acquisition to disposal. This involves collecting data such as location, user, and maintenance.

Lack of Real-Time Data

With tracking and asset tag features, businesses can collect data in real-time. Tools such as RFID tags and GPS trackers provide data such as real-time location. As well as work order status and live updates. Unlike spreadsheets, real-time data can be updated and added to an asset register. This helps to eliminate all forms of human error.

Unaware of the Total Cost of Ownership (TCO)

With the right data, businesses can calculate an assets TCO with greater accuracy. Data includes maintenance reports, performance, and usability. This can help to reduce spending on asset acquisition. As well as optimise an asset’s usability through scheduled maintenance and repairs. Helping to determine when ageing assets need replacing or disposing.

Lack of Shareable Data Between Teams

A benefit of Asset Management Software is the use of one central data hub. This hub can be accessed and updated across all teams and departments. Meaning all stakeholders can have access to data.

Lost or Stolen Assets

Lost and stolen assets have an impact on business operations and costs. With 25% of employees admitting to losing work assets. But, with real-time data through tracking and tagging features, this percentage can be reduced. Managers can access data such as real-time location and who an asset was last used by. For instance, fleet management can be improved with the use of a GPS tracker installed in a company vehicle.

Q A

What's the Difference Between On-Premise and Cloud-Based Asset Management?

There are multiple types of asset management solutions commonly used in business. Two main types are on-premise and cloud-based tools. On-premise tools store all data on-site, on local servers. Whereas cloud-based tools collect data and host it on the server of a vendor. Making it accessible with only an internet connection. This way of storing data and accessing it through a cloud-based system is a popular choice. Especially with smaller businesses that have no room to host servers. 82% of vendors have built their applications for cloud delivery.

An on-premise system is deployed on the grounds of a business. Whether that be in the workplace or at a separate location. Implementing a hard-wired system can have its advantages. Such as extra security and greater control. However, this can come with a hefty price tag. Consider costs such as server space and employment of on-site IT maintenance teams. As well as purchasing hardware.

A cloud-based asset management tool, however, can prove cost-efficient. It has minimal upfront costs and is purchased on a subscription pricing model. Most solutions have a very low implementation timescale, too. Allowing vendors to deploy the system instantly and make it available through an app.

The centralised hub of a cloud-based tool means data is accessible to all teams, departments, and staff. This can be useful for companies who need instant access to data across multiple sites or locations. It can also provide field employees with the information they need to make decisions when working off-site.

Another advantage of cloud-based software is the ease-of-access to data on multiple devices. Such as smartphones and tablets. Some tools even provide offline capabilities. Allowing teams to view data without the need for an internet connection. Whereas an on-premise solution can be strictly for office use only. Meaning data is only accessible via on-site company desktops.

Q A

Is Asset Management Software Right for Small Businesses?

In the UK, small businesses are identified as a company with a workforce of fewer than 20 people. As well as an annual turnover of £1 million to £5 million. A steady flow of revenue is only achievable with assets that contribute to day-to-day operations. But, if these assets were to break down, go missing, or sit idle, annual turnovers would decline.

One solution for utilising assets is with a small business asset management system. As well as large enterprises, Asset Management Software can prove vital to a small business’s operations, too.

Though small businesses consist of only a few assets, they tend to rely heavily on limited resources. The cost of operating or replacing assets is the difference between revenue and debt. With Asset Management Software, valuable assets can be tracked and recorded. Helping to optimise and maximise their output.

By tracking assets, businesses can gain an insight into how they are used. They can understand when an asset is used and what it is used for. Effectively being able to improve lifecycle management. As well as identifying the total cost of ownership for each asset.

Small businesses can also produce maintenance and repair schedules. Helping to reduce the impact of costly unplanned downtime through preventive maintenance. Unplanned downtime is costing businesses up to $260,000 (£200,000) a year in the manufacturing industry alone.

As well as correcting downtime, asset management tools have the ability to track assets in real-time. Businesses can track and record an asset’s location, see where it was last used, and who it was last used by. This data is collected with tracking and tagging tools such as RFID tags, GPS trackers, and Barcodes. This data leads to a reduction in lost and stolen assets, which can be expensive for a small business to replace.

Q A

Why Do Businesses Use Asset Management Systems to Manage Assets?

Businesses use asset management tools to maximise asset usability. As well as store asset data in one centralised system. Whilst also identifying risks, tracking usage, and reducing unnecessary expenditure.

Assets can be made up of anything, from inventory and IT equipment to buildings and vehicles. The key to managing these assets is having the ability to track them in real-time. This can either be inside the workplace or assets that are moving in and out. Real-time tracking is achievable with tools such as RFID tags and GPS. Each can be found in most Asset Management Software systems.

With real-time tracking, managers are able to record critical data like work orders and total usage. This helps to build a complete and accurate asset register and significantly reduce data errors. Tracking features can also eliminate the need for error-prone tools, such as spreadsheets.

Collecting data is crucial in a business’s attempt to build an effective life cycle for each asset. An asset life cycle is broken into four stages. These are planning, acquisition, operation & maintenance, and disposal. By recording data from existing assets, asset managers can highlight the need for future acquisitions. With the aim of improving operations.

Once an asset has been acquired and deployed, it is then tracked. This lets asset managers know how an asset is being used. With this information, they can accurately know when it is time to dispose of ageing assets. Doing so in the most efficient and cost-saving manner for the business.

The need to reduce spending is also an essential reason for managing assets. With access to asset management tools and accurate data, businesses can work with more precise budgets and forecasts. With real-time tracking, they’re able to identify the current and historical location of each asset. Enabling them to reduce replacement costs of lost or stolen equipment.

Another advantage of managing assets is the ability to build maintenance and repair schedules. Having a schedule in place is essential for reducing unplanned downtime. This can be best achieved through preventive and active maintenance for business-critical assets.

Q A

Can Asset Management Software Replace Spreadsheets?

Although cost-effective, using spreadsheets to manage and track assets can prove costly. If not now, then most likely in the long-term. Spreadsheets can inflict more harm than good as a business grows.

Not only do spreadsheets lack features, but they also increase the likelihood of incorrect data. False data most commonly accumulates at the manual input stage. Occurring in the form of duplicated fields and typing errors. This type of human error can be disastrous for business. Especially smaller businesses. Human error cost UK businesses an estimated £98.6 billion in 2015 alone.

Errors become more common and undetectable as a business expands. With more assets moving in-and-out of the workplace, the process of logging data intensifies. Spreadsheets also have a lack of usability and accessibility. As well as giving no indication as to who or how many users have updated a file. There is also no audit trail, making it difficult to keep accurate counts of inventory.

Asset Management Software excels as a spreadsheet alternative. A tool with tracking capabilities can help reduce errors and improve the accuracy of data. Accessibility is enhanced through the use of cloud-based technology, too. Alerting managers and employees when data has been edited or updated.

Q A

What Is Asset Life Cycle and How Is It Measured With Asset Management Tools?

An asset management system lets businesses observe, track, and maintain assets throughout their entire lifecycle. This is asset lifecycle management; a process to extend the usable life of an asset. While also maintaining optimum performance levels.

Collecting asset lifecycle data helps businesses to grasp the total cost of ownership. While also understanding how each asset can be utilised in day-to-day operations. With this data, a business can determine when an ageing asset is deteriorating. Allowing asset managers to calculate depreciation value. Essentially helping to reduce future spending by effectively planning for its disposal.

The asset lifecycle can be split into four stages:

Planning

Planing can be viewed as a simple, yet crucial, stage of the asset lifecycle process. It is a stage that analyses trends and evaluates data from existing assets. Businesses can generate reports and accurately understand the need for acquiring a new asset.

Acquisition

Once an asset has been identified, it is acquired and installed. The process of tracking and managing the asset then begins at an early stage. Effectively collecting accurate data for any other future acquisitions.

Operation and Maintenance

After an asset is installed, it can begin to perform its operational duties. If all goes well, this stage will be an asset's most prolonged in its lifecycle. To help extend an asset’s operational life, a maintenance and repair schedule is needed. This can be achieved through preventive, active, reactive, or emergency maintenance.

Renewal/Disposal

Finally, at the end of its lifecycle, an asset is either sold, re-purposed, thrown away or recycled. Businesses can understand an asset’s total cost of ownership and decide whether to dispose of or replace it. The data may highlight that the asset is no longer valuable and should be scrapped. Either by dismantling it and selling it for parts or disposing of it without receiving any payment. If there is still a purpose for the asset, a replacement can be purchased and the lifecycle begins again.

Q A

What Are the Benefits of Open Source Asset Management Software?

Open source Asset Management Software can be modified, inspected and enhanced to match operational needs. This is possible when a software vendor grants access through the purchase of a licence. With most open source software, changes can be made by editing and adding lines of code in the source code.

By having access to the source code, businesses can essentially edit the platform and create their own version. As opposed to proprietary, or closed software, which allows only the author to alter the software. With access, in-house programmers are able to customise layouts and even improve security and privacy. All while adding a personal brand to make the system more familiar with your team.

There are various benefits of an open source asset management solution. With an increase in security being one main advantage. If an employee discovers a security flaw or bug in the source code, in-house teams can provide an instant fix. Whereas with closed software, businesses may have to wait for the vendor to make any critical changes.

Other advantages of open source software include customising fields, tabs, reports, and user roles. It also lets businesses edit user entries. Allowing teams and departments access to information that may not be available to others.

Q A

Is It Possible to Track Assets With Asset Management Software?

Asset Management Software can be coupled with various features to help track business assets. Whether that be tracking an asset’s location in real-time or tracking its total usage. With the underlying outcome to understand how each asset is being utilised.

A Real-Time Location System (RTLS) lets businesses see the exact location of an asset. This is possible with most RTLS-enabled devices, such as RFID tags, Bluetooth receivers, or GPS trackers. These devices have a variety of uses in the workplace. Such as using GPS trackers to locate a fleet of company vehicles. They can also be used to identify and eliminate ghost assets. As well as reduce the amount of lost or stolen equipment and inventory.

With an RTLS, businesses can build a historical location log. Seeing which employee used an asset and knowing the exact location of its current whereabouts. It can also indicate how long an asset is active for during operations. As well as how long an asset has been idle during maintenance and repairs.

Asset data is crucial for developing a complete asset life cycle. Knowing the life cycle of each asset is essential for productivity. It can highlight the need for certain assets in the company and produce effective maintenance and repair schedules. Helping to avoid unplanned downtime and work out the best option for disposal or replacement. All with the intention to maximise an asset’s overall ROI.

Q A

Can Asset management Software Work With a Mobile Device?

Mobile devices have become a common feature in the workplace and with asset management solutions. In fact, 60% of employees use mobile devices for work-related activity.

A key feature of using Asset Management Software on mobile devices is the ease of accessibility. Always attached to a person, a mobile device is likely to always be within arms-reach. Employees can also have regular access to an asset register. Whether on-site or in the field.

An asset register will include essential data that can be updated and edited from anywhere. This is handy for field employees who are working away from the office. It can also be used in businesses that have multiple site locations. Such as construction and logistics companies.

With built-in radio antennas, mobile devices can be configured to act as a receiver. Allowing them to communicate with devices like RFID tags and Bluetooth receivers. This gives access to real-time data and can be used to track an asset’s location. A smartphone’s hardware features, such as a camera, also has the ability to scan Barcodes and QR codes.

Other benefits to mobile asset management include alerts for asset availability. This can be useful if a business is operating an equipment checkout system. As well as knowing the status of work orders, and having instant access to reports and budgets.

Q A

What’s the Difference Between Asset Management and Inventory Management?

Assets and inventory are essential when it comes to generating revenue. Whether that be raw materials, stock, fleets, machinery, or employees. But, deciding on the best way to manage them and choosing the right software management tool can be tricky. That’s why it’s important to define what assets and inventory are:

  • Assets are what you own

  • Inventory is what you sell

Before implementing either type of software, it’s important to understand the stakeholder’s needs. For example, one essential stakeholder would be an asset manager. An asset manager would need access to the right tools to carry out their responsibilities. The role of an asset manager includes:

  • Identifying and quantifying risks

  • Assigning assets

  • Providing evidence for compliance

  • Monitoring and reporting on individual assets

  • Forecasting future procurements

Benefits of an Asset Management System

Implementing Asset Management Software lets businesses track, monitor, and analyse the things they own; assets. An effective system will provide the tools to make the most cost-effective decisions when it comes to acquiring. As well as maintaining and disposing of assets. Resulting in an improved ROI for each asset. Typical benefits include:

  • Real-time asset life cycle tracking

  • Monitor and collect accurate data

  • Forecast future procurements and budgets

  • Reduce maintenance costs and unplanned downtime

Benefits of an Inventory Management System

An inventory management system incorporates both raw materials and finished products. Inventory managers can track, maintain, and control stock levels. As well as automate ordering processes to keep within stock level thresholds. Effective management is essential for businesses who rely on sales to increase their bottom line. Typical benefits include:

  • Reducing replacement costs for lost or stolen inventory

  • Maintaining stock levels to keep up with demand

  • Automate manual tasks such as stock-taking and ordering

  • Avoid over-ordering of stock

Q A

All Asset Management Software Looks the Same - What Is the Best Way to Compare Systems?

The time will come when, after weeks of searching and enquiring, all Asset Management Software looks similar. But, with our specialised algorithms and comparison tools, we can help. Comparesoft provides a list of the best asset management solutions that match a business's needs.

Our goal is to eliminate the painful process of search and comparison, making it as simple as possible. By providing us with requirements, we will help to find the right solution for every business.

We take a business's information and compile a catalogue of product results within minutes. This is based on a business's asset types, quantity, and industry. Businesses take a deeper look into each product with our information-packed profile pages. As well as shortlist and compare products against each other.

Before we list any Asset Management Software system, we ask each vendor to demo their product to us. This way, we can ensure each product matches our high-quality standards. We also rank and recommend each product based on verifiable data. As well as feedback from past customers who have used the product.

Comparesoft Promise

No Fake Reviews

No Fake Reviews

No Ads

No Ads

Genuine Data-driven Product Recommendations

Genuine Data-driven Product Recommendations

Bullet icon

Related Software Products